Greece and Cyprus only two EU countries where rent and house prices dropped

Greece and Cyprus only two EU countries where rent and house prices dropped 1

Greece and Cyprus were the only EU countries where rent prices dropped whereas the EU average saw rents increase by 16% and house price increases by 39% since 2010.

According to the latest data from Eurostat,  when comparing Q3 2021 with 2010, prices increased in 25 EU Member States and only decreased in Greece (-25%) and Cyprus (-3%).

Greece and Cyprus only two EU countries where rent and house prices dropped 2
The highest rises were recorded in Estonia (+162%), Lithuania (+111%) and Ireland (+68%).

Meanwhile, when comparing house prices for the same period, house prices increased in 23 EU countries and decreased in four, with the highest rises in Estonia (+141%), Hungary (+118%), Luxembourg (+117%), Latvia (+106%) and Austria (+104%). Decreases were recorded in Greece (-28%), Italy (-12%), Cyprus (-6%) and Spain (-0.5%).

Greece and Cyprus only two EU countries where rent and house prices dropped 3

Rents and house prices in the EU have continued their steady increase in Q3 2021, going up by 1.2% and 9.2% respectively, compared with Q3 2020. This information comes from data on rents and house prices published by Eurostat today. The article presents a handful of findings from the more detailed Statistics Explained article on housing price statistics.

Between 2010 and Q2 2011, house prices and rents in the EU followed similar paths, but since Q2 2011, those paths have diverged significantly. While rents increased steadily throughout the period up to Q3 2021, house prices have fluctuated considerably.

After a sharp decline between Q2 2011 and Q1 2013, house prices remained more or less stable between 2013 and 2014. Then, there was a rapid rise in early 2015, since when house prices have increased at a much faster pace than rents.